Big Business Growth Strategies
Tips Small Businesses Can Use
1. - Market segmentation. - simply means picking a subset of the entire marketplace that you can organize your sales efforts around.
Out of all the people in the world, who will you try to sell to?
2. - Leveraging partnerships. - Some small business owners love to complain about how they can't compete with the vendor relationships that the big guys enjoy. It’s true you can't "pay to play" like the Fortune 500s, but you can leverage partnerships in a savvy way.
3. - Use checklists. - Big businesses have massive facilities, complex supply chains and large equipment. Take a page from big business and develop process lists or checklists for specific tasks and jobs. Give yourself a guide to success and a reminder to do the essentials each day.
4. - Acquisitions. - Perhaps the primary way that most big businesses grow is through acquisitions. First, acquisitions are tough. You can easily break the bank with one bad purchase. That said, acquisitions can be a massive source of profit and a means to growth if you make a few key moves.
5. - Become a leader in the industry. - Big businesses often make their name by leading an industry. They make moves when other businesses sit by the wayside.
Source: Americanexpress
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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